NEW YORK, NY — (07-01-20) — U.S. small businesses hired 2.4 million workers in June, according to private payroll processor ADP, a lower-than-expected result that shows it is going to take awhile for the labor market to rehire the tens of millions of workers displaced by the coronavirus COVID-19 pandemic.
Economists polled by FactSet predicted increases of more than 3 million jobs during the month of June. Stock futures were mixed early Wednesday, with futures on the S&P 500 down 0.1% and futures on the Dow Jones Industrial Average up 0.9% following the ADP report.
ADP confirmed to JRL CHARTS on Wednesday that hiring in June followed an massive upside revision for May, to 3.1 million jobs added from an originally reported 2.8 million jobs lost.
The updated numbers makes sense when you consider the difficulties in surveying closed businesses and the fact that ADP’s model incorporates the prior month’s payroll change which is then backfitted to actual numbers.
For May, the Labor Department reported an increase in May non-farm payrolls of about 2.5 million.
Article by: Paul Goldberg, Staff Writer
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